100万美元的比特币“比你想象的更近”：亚当·巴克谈下一轮需求激增

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Key points:
Blockstream CEO Adam Back said Bitcoin could rise to between $500,000 and $1 million within the next two years, driven by structural demand rather than retail speculation.
He pointed to sustained inflows into spot Bitcoin exchange-traded funds, and continued accumulation by corporate treasuries like Strategy.
Back said large capital pools such as pension funds and insurance firms are still early in adoption, with onboarding delays suggesting more demand is yet to enter the market.
Blockstream CEO Adam Back said that Bitcoin (BTC) could rise to between $500,000 and $1 million in the next two years.

Back said at Paris Blockchain Week that the next big rise in Bitcoin's price won't be driven by retail hype, but by structural demand already building in ETFs, corporate treasuries, and institutional capital pipelines. "I think the market dynamic could do it with the current demand," he said. He also said that even this halving cycle could raise prices significantly due to ETF inflows and retail demand.

He cited sustained inflows into spot Bitcoin ETFs, where investors are increasingly acting as long-term allocators rather than short-term traders, as well as growing accumulation from treasury-focused companies like Strategy (MSTR), which are now purchasing Bitcoin at a rate that can rival or exceed newly mined supply.

Institutional Demand And Supply Shift Reshape Bitcoin Market

At the same time, he emphasized that the largest pools of capital, pension funds, insurance vehicles, and managed portfolios, are still in the early stages of adoption, with onboarding processes that can take months due to compliance, custody, and operational requirements, implying that a significant wave of institutional demand is still developing beneath the surface.

Back pointed out that the supply side was tightening due to changes in both structure and behavior. Miners are also becoming less aggressive sellers as prices go up. He cited Marathon Holdings (MARA) pivoting into AI because “it had a higher profit margin.”

“When the Bitcoin price is low, the miners have to sell a bigger proportion… and when the price is higher, they don’t have to sell as much,” he explained, adding that “higher price immediately translates into less sell pressure.”

Back stated that one of the most important aspects of the current cycle is that it has produced more resilient investors. Unlike past rallies powered by regular investors that were marked by panic selling, ETF participants and institutional purchasers seem to be sticking with it through the ups and downs.

Bitcoin’s Store Of Value

Back also said again that Bitcoin's growth as a store-of-value asset is a key part of its path. He remarked, "What's going to drive prices is more investors than retail payments." He went on to say that long-term capital deployment provides sustained demand, whereas transactional usage is high velocity and doesn't significantly limit supply.

Back agreed that it's hard to forecast timing, but said the overall direction is apparent. Bitcoin's route to seven-figure prices may be closer than most people think. Demand is rising on several fronts, supply is tightening, and investors are holding their coins for longer.

He went on to say that "people have short memories," referring to prior cycles and changing market structures. However, he eventually said that the next big rise would not be driven by hype but by a steady, growing demand shock that is already underway.

Bitcoin’s price was trading at $75,843, down 0.4% in the last 24 hours. On Stocktwits, retail sentiment around BTC improved to ‘extremely bullish’ from ‘bullish’ zone, while chatter stayed at ‘high’ levels over the past day.
source: https://www.tradingview.com/news/stocktwits:9610d77bc094b:0/